Astera Labs ( ALAB ) stock is soaring on Tuesday after the company reported record quarterly revenue after market close.

Check out ALAB price action here.

What Happened: Astera Labs ( ALAB ) reported second-quarter revenue of $191.9 million, up 150% year-over-year and up 20% quarter-over-quarter. The revenue total beat a Street consensus estimate of $172.54 million according to data from Benzinga Pro.

The company's revenue was a quarterly record, as was operating cash flow generation of $135.4 million.

Astera Labs ( ALAB ) reported adjusted earnings per share of 44 cents, beating a Street consensus of 32 cents per share.

"Astera Labs ( ALAB ) delivered strong financial results in Q2 with sequential revenue growth of 20 percent, driving meaningful upside to earnings and cash flow from operations," Astera ( ALAB ) CEO Jitendra Mohan said.

Mohan said the company executed the next step in its growth journey in the second quarter by ramping up PCIe 6 connectivity product portfolio. The products are now in volume production for customized rack-scale AI systems.

Astera ( ALAB ) added several design wins for its Scorpio Fabric Switches in the quarter.

"Astera ( ALAB ) is at the forefront of an AI infrastructure transformation, and we are accelerating our investments to realize our vision of rack-scale connectivity in next-generation AI systems."

In the quarter, the company expanded its collaboration with NVIDIA Corp ( NVDA ) to advance the NVLink Fusion ecosystem. Astera Labs ( ALAB ) is providing NVLink connectivity solutions.

What's Next: Astera Labs ( ALAB ) is guiding for third quarter revenue to be in a range of $203 million to $210 million.

Analysts expect the company's third-quarter revenue to be $180.73 million, according to data from Benzinga Pro.

The company expects adjusted earnings per share in a range of 38 cents to 39 cents for the third quarter. Analysts estimate earnings to be 34 cents per share.

ALAB Price Action: Astera Labs ( ALAB ) stock is up 10.89% to $150.30 in after-hours trading Tuesday versus a 52-week trading range of $36.22 to $147.39. The stock could open at new 52-week highs Wednesday if the gains hold overnight.

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